Tuesday, 21 August 2012

Offices Throughout London Being Renovated Into Gorgeous New Homes

There is around 1.8 million sq ft of office space located in London. This space could end up being converted to homes. Throughout the years office space has been transformed into residential homes. Four million sq ft of office space has already been transformed into homes.

Re-using old buildings is something that London has always been the leader in. Commercial space is not really that desirable anymore, mainly due to a weak economy. This is not necessarily bad news because new builders are able to seize the opportunity to buy commercial space and then turn them into private homes. Private homes in the heart of London are always in very high demand.

People who want to buy buildings for redevelopment will find that they have many unique choices to choose from due to the fact that there are many pubs and breweries that have closed down. Because of the fall in church-going, People will also be able to purchase old chapels, churches and even stable blocks as well as working men’s clubs.

Along with the austerity package from government comes with the disposal of public property which includes police stations, barracks and even many different hospitals. People will also be surprised to know that even public toilets are included in this list. When it comes to commercial property in London, anything that is able to be converted will get converted. People can still make a great profit from conversions just as long as the raw material is still there.
Today there is around 1.8 million sq ft of office space that is not being used for anything and is just waiting to be converted. There are a lot of offices located in the South East commuter belt and around 17 percent of these offices are just waiting to be bought and converted.

When it comes to prestige homes in London, the prices are still soaring, which makes conversions attractive regardless of money. It will run around £6,000 a sq ft for designer homes that are located in areas such as Chelsea, Mayfair and Kensington.

Buildings that have or will be converted are typically located on business districts and the conversions are usually near transportation links. Residential areas are typically converted from former commercial districts. The West End and City is a good example of this. This area is a transforming area that is quickly becoming a residential area.

The address number 75, which is in Aldgate, is very popular as most city-fringe addresses are. The address was where the Royal Bank of Scotland was once located. Co-operative Wholesale Society once called the address their headquarters. Today the building is a residential building with 42 homes inside. The building is unique and has a clock that is a quarter-size replica of Big Ben. The grand entrance to the lobby is also distinctive and the sweeping stair-case is also something else. The building also features an underground parking area as well as a 24-hour concierge.